Mr. Phillip Thomas reports

SPEY RESOURCES CORP. TO COMMENCE MT GEOPHYSICS AT CANDELA II AND APPOINTS WSP AUSTRALIA TO COMPLETE NI 43-101 RESOURCE ESTIMATE

Spey Resources Corp. has provided an update on the progress of the exploration plan and resource estimate in respect of its Incahuasi Salar property, Candela II, where five DDH wells were drilled in 2021.

Highlights

Southern Rock Geophysics have scheduled a magnetotelleric (MT) survey (the "Survey") to commence on or about May 18, 2023. The Survey will take approximately 5 days to complete at Candela II and the results are expected to be available approximately 4 - 6 weeks after the data has been processed.

The Company has appointed WSP Australia ("WSP") to produce a NI 43-101 report. WSP is a leading global consultancy with more than 4,400 professionals and a dedicated group skilled in hydrology and brine resource estimates. WSP recently completed the Ioneer mineral resources and ore reserves estimation and reporting work. The Company aims to utilize information gathered from the Survey toward building a National Instrument 43-101 ("NI 43-101") resource estimate.

Figure 1 Map showing MT lines, and Ganfeng wells 9.8km to the north of the salar.

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Candela II Geophysics Survey

Southern Rock Geophysics will mobilize their team in mid-May 2023 to complete the Survey. The Survey data, once received and processed, will contribute to the resource estimate data and also provide guidance as to future drilling targets.

EC Asociados have commenced an environmental base line study in preparation for further drilling activity. A social survey was also recently completed that surveyed the Tolar Grande community, which is approximately 45 kilometres away from Candela II. These studies will add to the existing environmental plan the Company lodged with the Salta Mining Court on December 19, 2022.

Candela II NI 43-101 Resource Statement

The Company sent a request for information to a number of professional firms to complete a resource estimate given the exploration data to date. Based on the responses, the Company selected WSP given their expertise, experience and skill appropriate to the task. One of the key tasks going forward will be determining the hydrological balance of the salar.

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Phillip Thomas, BSc. Geol, MBM, FAusIMM, MAIG, MAIMVA(CMV), who is a "qualified person" for the purposes of NI 43-101.

Technical Report

Scientific and technical information relating to the Incahuasi Salar property is supported by the technical report titled "Technical Report for the Incahuasi Salar Lithium Concession, Salta Province, Argentina", dated June 10, 2022 (the "Technical Report"), and prepared by Michael J. Rosko for Spey. Reference should be made to the full text of the Technical Report, which was prepared in accordance with NI 43-101 and is available electronically on SEDAR (www.sedar.com) under the Company's issuer profile, for a description of the Company's data verification and QA/QC procedures.

About Spey Resources Corp.

Spey Resources is a Canadian lithium focused mineral exploration company which has an 80% interest in the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina. Spey also holds an option to acquire a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia.\

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